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Thursday, 6th March 2008
In General Japan News,

Japan petrol prices rise 'for first time'

The retail price of petrol in Japan has increased for the first time in almost three months.

According to reports by Kyodo News, the cost of one litre of fuel increased on Monday (March 3rd) to ¥151.90 (£0.73).

The price rise represents an increase of ¥0.10 per litre and has been blamed on a decision by oil distributors to pass on rising costs.

In related news, internationally, the price of oil has increased significantly, with prices in New York rising to $105.1 (£52.45) per barrel for crude.

Yesterday, the New York price of light sweet crude reached a high of $104.52 per barrel.

"The market continues to be well supplied with crude oil. In recent months, there have been signs that the oil market is moving into a new phase," said Chakib Khelil, president of the Organisation of the Petroleum Exporting Countries.

"This has reflected developments in the world economy, which is now entering a period of slower growth."